Tianjin Chase Sun Pharmaceutical Co Ltd

Chase Sun Pharmaceutical released its 2026 interim report. Total operating revenue was 2.188 billion yuan, down 21.72% from the same period last year. Net profit attributable to the parent company was 78.0889 million yuan, down 0.69% year-on-year. Net cash inflow from operating activities was 358 million yuan, down 6.63% year-on-year. The company's asset-liability ratio was 15.93%, gross margin was 56.99%, ROE was 0.91%, and diluted earnings per share was 0.03 yuan. The number of shareholders was 86,300, and the top ten shareholders held 43.32% of the total share capital.

Hongri Pharmaceutical released its 2026 interim report. First-half operating revenue was 2.19 billion yuan, down 21.7% year on year, and net profit attributable to the parent was 78.09 million yuan, down 0.7% year on year. Second-quarter operating revenue was 1.06 billion yuan, down 24.6% year on year, and net profit attributable to the parent was 12.37 million yuan, down 32.4% year on year. First-half net profit attributable to the parent after deducting non-recurring items was 80.72 million yuan, up 16.7% year on year, and net operating cash flow was 358 million yuan, down 6.6% year on year. As of the end of the second quarter, total assets were 10.328 billion yuan, down 0.6% from the end of the previous year, and net assets attributable to the parent were 8.559 billion yuan, up 0.5% from the end of the previous year.

Chase Sun Pharmaceutical announced the termination of a research and development project for a new Class 1 chemical drug against hepatitis C. The project had a total budget of 45.6 million yuan. As of June 30, 2026, cumulative investment was only 7.6 million yuan, representing an investment progress of about 16.67 percent. The remaining raised funds of 38 million yuan have been idle for more than 13 years. The company explained that the reasons for termination include significant development risks inherent in the compound itself, such as a lack of support from mature in vivo efficacy models, high cytotoxicity, and a narrow therapeutic window, as well as fundamental changes in the external competitive landscape. Currently, NS5A and NS5B inhibitors have become the core clinical treatment regimen for hepatitis C, and continued development no longer holds clinical significance. Chase Sun Pharmaceutical's performance has been declining in recent years, with both revenue and net profit falling for four consecutive years from 2022 to 2025. Net profit in 2025 was only 18.4951 million yuan, evaporating by more than 97 percent compared with 687 million yuan in 2021. The company simultaneously closed six investment projects, including this one, and plans to permanently replenish working capital with the remaining raised funds of 105 million yuan.

Chase Sun Pharmaceutical has decided to terminate a Class 1 chemical new drug project for anti-hepatitis C. The project has seen no further investment since 2012, leaving 38 million yuan in raised funds idle for more than 13 years. The company also completed several IPO and private placement fundraising projects, permanently supplementing working capital with approximately 105 million yuan in surplus raised funds. Chase Sun Pharmaceutical's operating revenue and net profit attributable to the parent company have declined for four consecutive years. In 2025, revenue fell to 4.941 billion yuan, with net profit attributable to the parent at just 18 million yuan, and return on equity plummeting from 9.18 percent in 2021 to 0.22 percent in 2025. In recent years, the company has continued to liquidate and deregister multiple subsidiaries and transfer controlling stakes in sub-subsidiaries as part of a streamlining self-rescue effort, but its core performance has yet to reverse the downward trend.